Below is the introduction of Elephants in the Room Part I: The Big Four’s Expansion in the Legal Services Market. The full report can be downloaded complimentary at the ALM Intelligence website. The Big Four’s recent expansion into the legal market is not the accounting industry’s first foray into providing legal services. Throughout the 1990s, the big accounting firms expanded aggressively from their traditional audit business.
Hugh A. Simons is an ALM Intelligence fellow. He is formerly a senior partner and executive committee member at The Boston Consulting Group and chief operating officer at Ropes & Gray. He is currently conducting research for a book on elite law firm strategy. Email: email@example.comNicholas Bruch is a senior analyst at ALM Legal Intelligence.
Economics tells us an industry that experiences a drop in aggregate demand, adds production capacity, and increases the market overlap among competitors will suffer price erosion and profitability decline. Big Law fits this profile. Yet, in talking with law firm partners, you don’t get the sense that any such “disruption” is happening. Perhaps economics has bypassed law? A closer look seems warranted. The Data Big Law is a cyclical business.
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